AS-4 Events occurring after Balance Sheet

This query is : Resolved 

07 June 2011 Dear Experts,

My doubt is regarding recognising a Contingent Asset i.e Dividend Income from a Subsidiary. Suppose for FY 10-11, Y Ltd (Subsidiary of X Ltd) declares dividend on May 30th, 2011. By then the Audit of X Ltd was not over. Can X Ltd recognise the Dividend Income from Y Ltd in FY 10-11 itself?????

Thanking you in advance

Prithvi

07 June 2011 AS-4 is not applicable in your case because as on 31.3.2011 Event is not exist ans as per AS-09 in case of Dividend income Should be recognized when dividend declared by the declaring company.

12 June 2011 Recognizing event is the date of declaration so relevant date is 30th May 2011..so X ltd can't recognize




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